Shapira also points to a long-term runway of double-digit revenue that could power earnings-per-share growth over the next five years.

"As the market digests the many ways to win at RL, we expect shares to revert back to their one-year average multiple of 20X, which drives our price target for 35 percent upside," Shapira writes.

Of TJX , which is getting replaced by Ralph Lauren, Shapira says the company is still a share gainer but notes the stock is up nearly 33 percent since it was added to the conviction buy list. She downgraded TJX to "neutral" with a $72 price target.

Meanwhile, analyst Marc Irizarry shook up the rankings of asset managers, adding Och-Ziff to the bank's top-picks list as he expects that the firm "can generate organic growth near the top of the group (forecasting +5 percent) devoid of flows."

Irizarry increased his price target to $11.50 from $10.50.

Meanwhile, Irizarry removed BlackRock from the bank's conviction buy list "based on relative upside potential but continue to view the thesis as intact." However, BlackRock still earns a "buy" rating from Goldman, and its price target was actually increased to $200 from $185 despite no longer being on the list.